After the Bell | December 9, 2022
Corn: March corn futures rose 1 1/2 cents to $6.44, the highest close since Dec. 2 but down 2 1/4 cents for the week. Corn futures ended modestly firmer after USDA’s monthly Supply & Demand update brought few major surprises and did little to alter the longer-term tight supply outlook.
Soybeans: January soybeans fell 2 1/2 cents to $14.83 3/4, up 45 1/4 cents for the week. January soymeal rose $5.20 to $471.60, up $47.50 (11%) for the week. January soyoil fell 130 points to 60.01 cents, the lowest close since July 27. Soybean took mild pressure from USDA’s higher than expected estimate for global supplies in 2023.
Cotton: March cotton rose 17 points to 81.02 cents, down 218 points on the week. Cotton rose despite USDA’s unexpected boost in its U.S. production figure. USDA pegged U.S. cotton production at 14.24 million bales, up from 14.03 million bales in November. Analysts expected a cut to about 13.96 million bales.
Cattle: February live cattle rose $1.625 to $155.55, down 32.5 cents for the week. January feeder cattle rose 45 cents to $183.925, the highest close since Sept. 19. Expectations tight supplies of slaughter-ready animals will keep prices elevated helped futures post gains despite signs a two-month cash rally is leveling off. USDA-reported live steers averaged $155.60 through this morning, down 82 cents from last week's average. Choice beef cutout values rose $1.65 to $248.93, down $1 from the end of last week.
Hogs: February lean hogs fell 70 cents to $84.00, down $6.425 for the week and the lowest close since Oct. 14. Hogs fell as a hoped-for bottom in the cash market failed to materialize. The CME lean hog index fell 31 cents to $82.47, the lowest since Jan. 28, and Monday’s quote is expected to drop to $81.99. Pork cutout values jumped $3.59 to $88.56, still down 38 cents from the end of last week.
